Description:
Model risk is often misunderstood, but it’s a critical area of oversight for any institution relying on data-driven models. Whether you’re a bank, credit union, fintech, or MSB, if you use models to make decisions, you are managing model risk—whether you realize it or not.
This session breaks down model risk in a practical, approachable way. Participants will learn what model risk is, why it matters in high-risk environments, and how to build a framework that meets regulatory and operational expectations. Using real-world examples, the training shows common pitfalls, effective governance strategies, and ways to adapt your program as technology and data evolve
Who This Is Designed For
Compliance, risk, audit, and analytics professionals at fintechs, MSBs, or community banks who use or oversee financial, operational, or AI models and want to strengthen governance while avoiding common mistakes.
Agenda:
Defining Model Risk: Understand where and how model risk arises in your institution.
Key Components of a Framework: Learn about model inventories, validation processes, governance, and documentation.
Common Pitfalls: Explore frequent failures in model risk management and how to prevent them.
Oversight Across 3 Lines of Defense: Coordinate business, compliance, and audit efforts effectively.
Right-Sizing Your Approach: Tailor your program to your institution’s size, complexity, and resources.
Adapting for the Future: Tips for evolving your framework as technology, data, and expectations change.
By the end of this webinar, you will know how to:
Understand model risk and why it’s critical, especially in high-risk financial environments.
Build an effective model risk framework with inventories, validation, governance, and documentation.
Identify common pitfalls in model risk management and avoid them.
Coordinate oversight across business, compliance, and audit teams.
Tailor your model risk program to your institution’s size, complexity, and resources.